490 Oakbend Dr Lewisville, TX

This 15,784 square foot PetSuites facility, constructed in 2021, is located in Lewisville, Texas. The property opened in October 2021 and is operating under a twenty-year absolute NNN lease, which assigns zero landlord responsibilities. The corporately guaranteed lease has approximately 18 years remaining on its initial term. The absolute NNN lease includes 10% rental increases every five years during the base term and provides the tenant with five successive five-year options to extend the lease. The lease is corporately guaranteed by National Veterinary Associates, which has over 1,000 units. The PetSuites benefits from high visibility due to its strategic location next to the I-35 exit, which sees 176,049 vehicles per day, and S Stemmons Fwy, which sees 41,466 vehicles per day. The site is in proximity to residential homes and is located within Vista Ridge Village, which houses major retailers and restaurants. The surrounding area has a five-mile population of 240,163 and a three-mile average household income of $105,208 per year. The area is experiencing growth, with a projected three-mile population growth rate of 2.0% over the next five years. Total consumer spending within a five-mile radius is estimated at $3.2 billion. The property is located within the Dallas–Fort Worth–Arlington metroplex, encompassing 11 counties and serving as the economic and cultural hub of North Texas.